Your Market Position

If there is one thing that the last year and a half as taught us in dentistry, it’s that position matters. Where you decide to position your practice in the market can determine the degree of success you experience. Overwhelmingly, those who bought into the “boutique,” high-end, cosmetic practice model have learned by painful experience that the first thing to go when people shift into economic panic mode is elective, cosmetic procedures.

There is no question that things have changed in the market place. The biggest issue we see today is with practices that have a tough position in the market that are waiting for things to come back like they were 3, 4 and 5 years ago. Well, here’s a news flash: it’s not coming back. The demographics of five years ago are not the demographics of today. America is getting older. And as it does, the perceived needs and desires change along with it. The Baby Boom generation which fueled the rapid growth of elective dentistry for the last 15 years has changed as it has aged. It is common sense. What many in dentistry are failing to recognize is that the individuals in the target market have not changed over the last few years, it is just that what the people in that market want is changing. So is your practice changing with it or are you operating like you operated five years ago like nothing has changed?

Here’s an example: in meeting with a marketing team recently that had designed a direct mail campaign for dental practices, the topic of the mailing list came up. “Who are we mailing to?” The response was typical for the target market of the past: 35 to 50 year olds with higher household incomes. But wait a minute. The biggest segment of the population is now hitting 65. Are they no longer good prospects? As America has aged, we have been getting younger as we have gotten older. “50 is the new 40, 60 is the new 50, and 70 is the new 60.” We’re are staying active longer, working more years, and wanting to stay younger looking the older we get. While marketing to the 60+ group may not have been an attractive target market 15 years ago, it very well may be THE target market of tomorrow. It’s just one example of how things have changed and we have to shift accordingly.

It is time to adjust, change, refocus, redefine your target market, determine what they really want, and move forward. The good news is that there is a HUGE market for dental services today in all parts of the country. The real question is if you are positioned in the right place for potential patients to find you because you are offering what they are looking for AND if you are approaching your current patients in a way that makes sense to them. Are you giving them what they want, or are you offering them what you hope they will buy?!